Method for Securely Clearing Checks

1. A method for clearing a check by a first entity, the check being previously issued from a first party to a second party, the first party having a first account with the first entity, the second party having a second account with a second entity, the method comprising: a) receiving the check from the second party; b) providing a computer processor, the computer processor having a computer readable storage medium, the computer readable storage medium comprising instructions stored therein for executing on said processor, the instructions when read and executed, for: i. identifying first information from the check, the first information including information for identifying the first party, a unique pseudorandom number of the check, and a check amount; ii. authenticating at least a portion of the first information from the check; iii. determining the status of activating the check using at least a portion of the first information from the check and a stored activation code, wherein the stored activation code was previously generated as a unique code for a plurality of checks including the check and was previously stored in a file accessible by the computer processor; iv. receiving second information from the second party, the second information comprising at least an account number of the second account and a routing transit number of the second entity; and c) transferring funds from the first account of the first party to the second account of the second party using at least a portion of the authenticated first information and the second information.

2. The method of claim 1 , wherein the step of transferring funds further comprises: a) transferring the funds as an automated clearing house (ACH) transaction.

3. The method of claim 1 , the computer readable storage medium further comprising instructions stored therein for executing on said processor, the instructions when read and executed, for: a) receiving third information from the first party; and b) authenticating at least a portion of the first information from the check using the third information.

4. The method of claim 3 , wherein the third information comprises a check amount.

5. The method of claim 3 , further comprising: a) rejecting the check if the at least a portion of the first information is determined to be unauthentic.

6. The method of claim 5 , further comprising: a) notifying the first party if the check is rejected.

7. The method of claim 1 , wherein the unique pseudorandom number of the check is a pseudorandom number of a pseudorandom number sequence associated with the plurality of checks.

8. The method of claim 7 , the computer readable storage medium further comprising instructions stored therein for executing on said processor, the instructions when read and executed, for: a) determining the status of activating the check using at least a portion of the first information, the stored activation code, and stored information for identifying the first party, the stored information for identifying the first party being stored with the pseudorandom number sequence in a file of the first entity accessible by the computer processor; b) authenticating the first party using at least a portion of the first information and at least a portion of the stored information for identifying the first party; and c) authenticating the unique pseudorandom number of the check using at least a portion of the first information, at least a portion of the stored information for identifying the first party and the stored sequence.

9. The method of claim 1 , the computer readable storage medium further comprising instructions stored therein for executing on said processor, the instructions when read and executed, for: a) transmitting a notification to the first party, the notification comprising the check amount.

10. The method of claim 9 , the computer readable storage medium further comprising instructions stored therein for executing on said processor, the instructions when read and executed, for: a) receiving a request to cancel the check based on the notification.

11. The method of claim 7 , the computer readable storage medium further comprising instructions stored therein for executing on said processor, the instructions when read and executed, for: a) automatically authenticating the plurality of checks using the activation code.

12. A method for clearing a check by a first entity, the check being previously issued from a first party to a second party, the first party having a first account with the first entity, the second party having a second account with a second entity, the method comprising: a) providing a computer processor at the first entity, the computer processor having a computer readable storage medium, the computer readable storage medium comprising instructions stored therein for executing on said processor, the instructions when read and executed, for: i. receiving first information included with the check from the second party, the first information including information for identifying the first party, a unique pseudorandom number of the check, and a check amount; ii. authenticating at least a portion of the first information from the check; iii. receiving second information from the second party, the second information comprising at least an account number of the second account and a routing transit number of the second entity; and b) transferring funds from the first account of the first party to the second account of the second party using at least a portion of the authenticated first information and the second information.

13. The method of claim 12 , further comprising: a) providing a computer interface for entering check information; and b) receiving the first information and the second information via the computer interface.

14. The method of claim 12 , wherein the step of transferring funds further comprises: a) transferring the funds as an automated clearing house (ACH) transaction.

15. The method of claim 12 , the computer readable storage medium further comprising instructions stored therein for executing on said processor, the instructions when read and executed, for: a) receiving third information from the first party; b) authenticating at least a portion of the first information from the check using the third information.

16. The method of claim 15 , wherein the third information comprises a check amount.

17. The method of claim 16 , further comprising: a) rejecting the check if the at least a portion of the first information is determined to be unauthentic.

18. The method of claim 17 , further comprising: a) notifying the first party if the check is rejected.

19. A method for clearing a check by a first entity, the check being previously issued from a first party to a second party, the first party having a first account with the first entity, the second party having a second account with a second entity, the method comprising: a) providing a first computer processor at the first entity, the first computer processor having a computer readable storage medium, the computer readable storage medium comprising instructions stored therein for executing on said processor, the instructions when read and executed, for: i. receiving first information included with the check from the second party, the first information including information for identifying the first party, a unique pseudorandom number of the check, and a check amount, the unique pseudorandom number of the check comprising a pseudorandom number of a pseudorandom number sequence associated with a plurality of checks; ii. determining the status of activating the check using at least a portion of the first information from the check and a stored activation code wherein the stored activation code was previously generated as a unique code for the plurality of checks including the check, was previously issued with a plurality of checks including the check to the first party, and was previously stored in a file accessible by the first computer processor; iii. authenticating at least a portion of the first information from the check; iv. receiving second information from the second party, the second information comprising at least an account number of the second account and a routing transit number of the second entity; and v. receiving third information from the first party, the third information comprising a check amount; and vi. authenticating the check amount of the first information using the third information; and a) transferring funds from the first account of the first party to the second account of the second party as an automated clearing house (ACH) transaction using at least a portion of the authenticated first information and the second information.

20. The method of claim 12 , the computer readable storage medium further comprising instructions stored therein for executing on said processor, the instructions when read and executed, for determining the status of activating the check using at least a portion of the received first information and a stored activation code, wherein the stored activation code was previously generated as a unique code for a plurality of checks including the check and was previously stored in a file accessible by the computer processor.